National Payments Corporation of India (NPCI) was created by the RBI in 2007 as an umbrella organization for promoting retail payments in India. Along with the (RBI), the Indian Banks Association (IBA) also promotional support to NPCI.
Besides the RBI and IBA, ten banks have made promotional services to NPCI. These banks are: State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC.
The Corporation has actively promoted several retail payment platforms like the BHIM, UPI, Aadhar Based Payment Systems etc. The IMPS and National Financial Switch are the other notable contributions of NPCI.
